The Most Important Thing

The Most Important Thing
Author: Howard Marks
Release: 2011-05-01
Editor: Columbia University Press
Pages: 192
ISBN: 9780231527095
Language: en
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DESCRIPTION BOOK:

"This is that rarity, a useful book."--Warren Buffett Howard Marks, the chairman and cofounder of Oaktree Capital Management, is renowned for his insightful assessments of market opportunity and risk. After four decades spent ascending to the top of the investment management profession, he is today sought out by the world's leading value investors, and his client memos brim with insightful commentary and a time-tested, fundamental philosophy. Now for the first time, all readers can benefit from Marks's wisdom, concentrated into a single volume that speaks to both the amateur and seasoned investor. Informed by a lifetime of experience and study, The Most Important Thing explains the keys to successful investment and the pitfalls that can destroy capital or ruin a career. Utilizing passages from his memos to illustrate his ideas, Marks teaches by example, detailing the development of an investment philosophy that fully acknowledges the complexities of investing and the perils of the financial world. Brilliantly applying insight to today's volatile markets, Marks offers a volume that is part memoir, part creed, with a number of broad takeaways. Marks expounds on such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. Frankly and honestly assessing his own decisions--and occasional missteps--he provides valuable lessons for critical thinking, risk assessment, and investment strategy. Encouraging investors to be "contrarian," Marks wisely judges market cycles and achieves returns through aggressive yet measured action. Which element is the most essential? Successful investing requires thoughtful attention to many separate aspects, and each of Marks's subjects proves to be the most important thing.

The Most Important Thing

The Most Important Thing
Author: Howard Marks
Release: 2018-08-25
Editor: Harper Collins
Pages: 194
ISBN: 9789353022808
Language: en
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DESCRIPTION BOOK:

Legendary investor Howard Marks is chairman and co-founder of Oaktree Capital Management, which has $100 billion under management. He is sought out by the world's leading value investors, and his client memos brim with insightful commentary and a time-tested, fundamental philosophy. Now for the first time, readers can benefit from Marks's wisdom, concentrated into a single volume that speaks to both the amateur and seasoned investor. Informed by a lifetime of experience and study, The Most Important Thing explains the keys to successful investment and the pitfalls that can destroy capital or ruin a career. Utilizing passages from his memos to illustrate his ideas, Marks teaches by example, detailing the development of an investment philosophy that fully acknowledges the complexities of investing and the perils of the financial world. Brilliantly applying insight to today's volatile markets, Marks offers a volume that is part memoir, part creed, with a number of broad takeaways.

The Curse of the Mogul

The Curse of the Mogul
Author: Jonathan A. Knee,Bruce C. Greenwald,Ava Seave
Release: 2009-10-15
Editor: Penguin
Pages: 320
ISBN: 9781101140741
Language: en
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DESCRIPTION BOOK:

If Rupert Murdoch and Sumner Redstone are so smart, why are their stocks long-term losers? We live in the age of big Media, with the celebrity moguls telling us that "content is king." But for all the excitement, glamour, drama, and publicity they produce, why can't these moguls and their companies manage to deliver better returns than you'd get from closing your eyes and throwing a dart? The Curse of the Mogul lays bare the inexcusable financial performance beneath big Media's false veneer of power. By rigorously examining individual media businesses, the authors reveal the difference between judging a company by how many times its CEO is seen in SunValley and by whether it generates consistently superior profits. The book is packed with enough sharp-edged data to bring the most high-flying, hot-air filled mogul balloon crashing down to earth.

The Most Important Thing Illuminated

The Most Important Thing Illuminated
Author: Howard Marks
Release: 2013-01-08
Editor: Columbia University Press
Pages: 248
ISBN: 9780231162845
Language: en
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DESCRIPTION BOOK:

Distilling the wisdom of Marks' celebrated client memos into a single volume and, for the first time, making his time-tested investing philosophy available to general readers, this book has been widely acclaimed by professional, casual, aspiring, and armchair investors.

Pitch the Perfect Investment

Pitch the Perfect Investment
Author: Paul D. Sonkin,Paul Johnson
Release: 2017-09-12
Editor: John Wiley & Sons
Pages: 496
ISBN: 9781119051787
Language: en
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DESCRIPTION BOOK:

Pitching the Perfect Investment + Website will present a two-step process: 1) finding the perfect investment; and 2) crafting the perfect pitch. It presents world-class insights into search strategy, data collection and research, securities analysis, risk assessment and management, combined with the use of critical thinking, to uncover the perfect opportunity for professional analysts, sophisticated private investors and ambitious young analysts as well as mergers and acquisition specialists advising clients, financial consultants and corporate financial analysis teams. Pitching draws from the disciplines of psychology, argumentation and informal logic. It instructs the investor analysts of all types how to craft this perfect investment into the perfect pitch. Pitching an investment is an essential skill to securing and then excelling at your job on Wall Street. In this book: The money manager will learn how to analyze and pitch ideas to potential investors in order to get them to invest in his or her fund. The analyst will learn how to source, analyze, value and pitch a compelling stock idea to their superiors in order to advance their careers. The banker will learn how to pitch acquisition ideas to senior executives and corporate clients to win business. The C-level executive of a public or private company will learn how to pitch his company to existing and potential investors. The salesperson will learn how to analyze and pitch a compelling idea to clients. The sophisticated or enterprising individual investor will learn how to source, analyze and value investment ideas to make money. The student will learn how to source, analyze, value and pitch a compelling stock idea in order to secure a job on Wall Street. This is an essential skill for the ambitious young investment analyst looking to begin a career on Wall Street as well as the seasoned veteran discussing an idea on CNBC, and every investor in-between.

Mastering The Market Cycle

Mastering The Market Cycle
Author: Howard Marks
Release: 2018-10-04
Editor: Hachette UK
Pages: 336
ISBN: 9781473680388
Language: en
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DESCRIPTION BOOK:

NEW YORK TIMES BESTSELLER "Mastering the Market Cycle is a must-read" Ray Dalio "When I see memos from Howard Marks in my mail, they're the first thing I open and read" Warren Buffett "Howard is a legendary investor" Tony Robbins Economies, companies and markets operate in accordance with patterns which are influenced by naturally occurring events combined with human psychology and behaviour. The wisest investors learn to appreciate these rhythms and identify the best opportunities to take actions which will transform their finances for the better. This insightful, practical guide to understanding and responding to cycles - by a world-leading investor - is your key to unlocking a better and more privileged appreciation of how to make the markets work for you and make your money multiply.

Value Investing

Value Investing
Author: James Montier
Release: 2010-02-09
Editor: John Wiley & Sons
Pages: 415
ISBN: 9780470685181
Language: en
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DESCRIPTION BOOK:

"As with his weekly column, James Montier's Value Investing is a must read for all students of the financial markets. In short order, Montier shreds the 'efficient market hypothesis', elucidates the pertinence of behavioral finance, and explains the crucial difference between investment process and investment outcomes. Montier makes his arguments with clear insight and spirited good humor, and then backs them up with cold hard facts. Buy this book for yourself, and for anyone you know who cares about their capital!" —Seth Klarman, President, The Baupost Group LLC The seductive elegance of classical finance theory is powerful, yet value investing requires that we reject both the precepts of modern portfolio theory (MPT) and pretty much all of its tools and techniques. In this important new book, the highly respected and controversial value investor and behavioural analyst, James Montier explains how value investing is the only tried and tested method of delivering sustainable long-term returns. James shows you why everything you learnt at business school is wrong; how to think properly about valuation and risk; how to avoid the dangers of growth investing; how to be a contrarian; how to short stocks; how to avoid value traps; how to hedge ignorance using cheap insurance. Crucially he also gives real time examples of the principles outlined in the context of the 2008/09 financial crisis. In this book James shares his tried and tested techniques and provides the latest and most cutting edge tools you will need to deploy the value approach successfully. It provides you with the tools to start thinking in a different fashion about the way in which you invest, introducing the ways of over-riding the emotional distractions that will bedevil the pursuit of a value approach and ultimately think and act differently from the herd.

The Gorilla Game

The Gorilla Game
Author: Geoffrey A. Moore
Release: 1998-03-11
Editor: HarperBusiness
Pages: 352
ISBN: 0887308872
Language: en
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DESCRIPTION BOOK:

The possibilities are staggering: Had you invested $10,000 in Cisco Systems in early 1990, your investment would not be worth $1,285.000. Similarly, a $10,000 investment made in Microsoft in 1986 would be valued at more than $1,800,000 today. How do you get in on those deals -- especially if you're not a Silicon Valley insider? How do you buy the high-tech winners and avoid the losers? How do you find the Microsofts and Ciscos of tomorrow? The answers are here, in The Gorilla Game. All you have to do is learn the rules. The Gorilla Gameÿ reveals the dynamics driving the market for high-tech stocks and outlines the forces that catapult a select number of companies to "gorilla" status -- dominating the markets they serve in the way that Microsoft dominates software operating systems and Cisco dominates hardware for data networks. Follow the rules of The Gorilla Gameÿ and you will learn how to identify and invest in the "gorilla candidates" early on -- while they are fighting for dominance in their markets and while their stock is still cheap. When the dust clears and one company clearly attains leadership in its product category, you'll reap the enormous returns that foresighted investors in high-tech companies deserve. The Gorilla Gameÿ is the latest from bestselling author Geoffrey A. Moore, one of the world's leading consultants in high-tech marketing strategy. Here you'll find the ground-breaking ideas about technology markets that made his previous books bestsellers, combined with the work of Paul Johnson, a top Wall Street technology analyst, and Tom Kippola, a high-tech consultant and highly successful private investor. Together they have discovered and played the gorilla game and now give their readers the real rules for winning in the world of high-tech investing. Step by step you'll learn how to spot a high-tech market that is about to undergo rapid growth and development; how to identify and spread investments across the potential gorillas within the market; and how to narrow your investments to the single, emerging leader -- the gorilla -- as the market matures.

Behavioural Investing

Behavioural Investing
Author: James Montier
Release: 2009-10-09
Editor: John Wiley & Sons
Pages: 728
ISBN: 0470687797
Language: en
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DESCRIPTION BOOK:

Behavioural investing seeks to bridge the gap between psychology and investing. All too many investors are unaware of the mental pitfalls that await them. Even once we are aware of our biases, we must recognise that knowledge does not equal behaviour. The solution lies is designing and adopting an investment process that is at least partially robust to behavioural decision-making errors. Behavioural Investing: A Practitioner’s Guide to Applying Behavioural Finance explores the biases we face, the way in which they show up in the investment process, and urges readers to adopt an empirically based sceptical approach to investing. This book is unique in combining insights from the field of applied psychology with a through understanding of the investment problem. The content is practitioner focused throughout and will be essential reading for any investment professional looking to improve their investing behaviour to maximise returns. Key features include: The only book to cover the applications of behavioural finance An executive summary for every chapter with key points highlighted at the chapter start Information on the key behavioural biases of professional investors, including The seven sins of fund management, Investment myth busting, and The Tao of investing Practical examples showing how using a psychologically inspired model can improve on standard, common practice valuation tools Written by an internationally renowned expert in the field of behavioural finance

Inside the Investments of Warren Buffett

Inside the Investments of Warren Buffett
Author: Yefei Lu
Release: 2016-08-09
Editor: Columbia University Press
Pages: 336
ISBN: 9780231541688
Language: en
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DESCRIPTION BOOK:

Since the 1950s, Warren Buffett and his partners have backed some of the twentieth century's most profitable, trendsetting companies. But how did they know they were making the right investments? What did Buffet and his partners look for in an up-and-coming company, and how can others replicate their approach? A gift to Buffett followers who have long sought a pattern to the investor's success, Inside the Investments of Warren Buffett presents the most detailed analysis to date of Buffet's long-term investment portfolio. Yefei Lu, an experienced investor, starts with Buffett's interest in the Sanborn Map Company in 1958 and tracks nineteen more of his major investments in companies like See's Candies, the Washington Post, GEICO, Coca-Cola, US Air, Wells Fargo, and IBM. Accessing partnership letters, company documents, annual reports, third-party references, and other original sources, Lu pinpoints what is unique about Buffett's timing, instinct, use of outside knowledge, and postinvestment actions, and he identifies what could work well for all investors in companies big and small, domestic and global. His substantial chronology accounts for broader world events and fluctuations in the U.S. stock market, suggesting Buffett's most important trait may be the breadth of his expertise.

The Thirteenth Tale

The Thirteenth Tale
Author: Diane Setterfield
Release: 2009-03-16
Editor: Anchor Canada
Pages: 416
ISBN: 9780307371935
Language: en
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DESCRIPTION BOOK:

Biographer Margaret Lea returns one night to her apartment above her father's antiquarian bookshop. On her steps she finds a letter. It is a hand-written request from one of Britain’s most prolific and well-loved novelists. Vida Winter, gravely ill, wants to recount her life story before it is too late, and she wants Margaret to be the one to capture her history. The request takes Margaret by surprise–she doesn’t know the author, nor has she read any of Miss Winter’s dozens of novels. Late one night, while pondering whether to accept the task of recording Miss Winter’s personal story, Margaret begins to read her father’s rare copy of Miss Winter’s Thirteen Tales of Change and Desperation. She is spellbound by the stories and confused when she realizes the book only contains twelve stories. Where is the thirteenth tale? Intrigued, Margaret agrees to meet Miss Winter and act as her biographer. As Vida Winter unfolds her story, she shares with Margaret the dark family secrets that she has long kept hidden as she remembers her days at Angelfield, the now burnt-out estate that was her childhood home. Margaret carefully records Miss Winter’s account and finds herself more and more deeply immersed in the strange and troubling story. In the end, both women have to confront their pasts and the weight of family secrets. As well as the ghosts that haunt them still.

Poor Charlie s Almanack

Poor Charlie s Almanack
Author: Charles T. Munger
Release: 2006
Editor: Donning Company Pub
Pages: 512
ISBN: 157864366X
Language: en
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DESCRIPTION BOOK:

Charles Munger is Warren Buffett decade's long business partner, and his investment filter, jokingly called by Mr. Buffett - the abominable no man. The early pages cover Munger's family history, his framework for investing [wait for the fat pitches, and assess each opportunity using rational, rigorous frameworks drawn from multiple disciplines (and not finance theory!)], and even some warm testaments from family, friends and colleagues. The next section, assembled by leading investor Whitney Tilson, is well edited and benefits from Tilson's massaging of quotations made over time into logical sub-headings. The bulk of the text though is, as the subtitle suggests, the wit and wisdom of Mr. Munger as conveyed through various speeches in the last couple decade or so before 2006.

The Mind Illuminated

The Mind Illuminated
Author: CULADASA,Matthew Immergut, PhD
Release: 2017-01-03
Editor: Hay House, Inc
Pages: 512
ISBN: 9781781808795
Language: en
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DESCRIPTION BOOK:

The Mind Illuminated is a comprehensive, accessible and - above all - effective book on meditation, providing a nuts-and-bolts stage-based system that helps all levels of meditators establish and deepen their practice. Providing step-by-step guidance for every stage of the meditation path, this uniquely comprehensive guide for a Western audience combines the wisdom from the teachings of the Buddha with the latest research in cognitive psychology and neuroscience. Clear and friendly, this in-depth practice manual builds on the nine-stage model of meditation originally articulated by the ancient Indian sage Asanga, crystallizing the entire meditative journey into 10 clearly-defined stages. The book also introduces a new and fascinating model of how the mind works, and uses illustrations and charts to help the reader work through each stage. This manual is an essential read for the beginner to the seasoned veteran of meditation.

A Fortunate Man

A Fortunate Man
Author: John Berger
Release: 2015-02-05
Editor: Canongate Books
Pages: 200
ISBN: 9781782115021
Language: en
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DESCRIPTION BOOK:

In 1966 John Berger spent three months in the Forest of Dean shadowing an English country GP, John Sassall. Sassall is a fortunate man - his work occupies and fulfils him, he lives amongst the patients he treats, the line between his life and his work is happily blurred. In A Fortunate Man, Berger's text and the photography of Jean Mohr reveal with extraordinary intensity the life of a remarkable man. It is a portrait of one selfless individual and the rural community for which he became the hub. Drawing on psychology, biography and medicine A Fortunate Man is a portrait of sacrifice. It is also a profound exploration of what it means to be a doctor, to serve a community and to heal. With a new introduction by writer and GP, Gavin Francis.

Warren Buffett s Ground Rules

Warren Buffett s Ground Rules
Author: Jeremy Miller
Release: 2016-04-07
Editor: Profile Books
Pages: 192
ISBN: 9781782832140
Language: en
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DESCRIPTION BOOK:

At the age of 26, Warren Buffett founded Buffett Partnership Limited, which lasted from 1956 to 1970. During this time he wrote 33 letters to his small but growing group of partners. These letters chronicle his thoughts, approaches and reflections in the period immediately prior to his Berkshire Hathaway tenure - one that saw an unprecedented record of investing success. This early period was astonishing: in 1968 he beat the Dow by more than 50%. Because Buffett wanted to ensure that his partners understood his process, he wrote letters. In them, he sets out what he termed "ground rules" for investing that remain startlingly relevant today for every type of investor - from beginners to sophisticated pros. Warren Buffett's Ground Rules brings together, for the first time, and with Buffett's blessing, the key investment principles and teachings the letters reveal. Here you will find the basis for Buffett's contrarian diversification strategy, his almost religious celebration of compounding interest and his tactics for bettering market results by at least 10% annually. Quoting extensively and directly from Buffett, equity research expert Jeremy Miller introduces us to the timeless advice the letters contain, demonstrating a set of highly effective investment strategies that continue to resonate today.

Everything Is Illuminated

Everything Is Illuminated
Author: Jonathan Safran Foer
Release: 2013-09-03
Editor: HarperCollins
Pages: 288
ISBN: 9780547523781
Language: en
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DESCRIPTION BOOK:

NEW YORK TIMES BESTSELLER. Jonathan Safran Foer's debut—"a funny, moving...deeply felt novel about the dangers of confronting the past and the redemption that comes with laughing at it, even when that seems all but impossible." (Time) With only a yellowing photograph in hand, a young man—also named Jonathan Safran Foer—sets out to find the woman who might or might not have saved his grandfather from the Nazis. Accompanied by an old man haunted by memories of the war, an amorous dog named Sammy Davis, Junior, Junior, and the unforgettable Alex, a young Ukrainian translator who speaks in a sublimely butchered English, Jonathan is led on a quixotic journey over a devastated landscape and into an unexpected past. As their adventure unfolds, Jonathan imagines the history of his grandfather’s village, conjuring a magical fable of startling symmetries that unite generations across time. As his search moves back in time, the fantastical history moves forward, until reality collides with fiction in a heart-stopping scene of extraordinary power. “Imagine a novel as verbally cunning as A Clockwork Orange, as harrowing as The Painted Bird, as exuberant and twee as Candide, and you have Everything Is Illuminated . . . Read it, and you'll feel altered, chastened—seared in the fire of something new.” — Washington Post “A rambunctious tour de force of inventive and intelligent storytelling . . . Foer can place his reader’s hand on the heart of human experience, the transcendent beauty of human connections. Read, you can feel the life beating.” — Philadelphia Inquirer

Sophie s World

Sophie s World
Author: Jostein Gaarder
Release: 2007-03-20
Editor: Farrar, Straus and Giroux
Pages: 544
ISBN: 9781466804272
Language: en
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DESCRIPTION BOOK:

One day Sophie comes home from school to find two questions in her mail: "Who are you?" and "Where does the world come from?" Before she knows it she is enrolled in a correspondence course with a mysterious philosopher. Thus begins Jostein Gaarder's unique novel, which is not only a mystery, but also a complete and entertaining history of philosophy.

The Enduring Value of Roger Murray

The Enduring Value of Roger Murray
Author: Paul Johnson,Paul Sonkin
Release: 2022-08-23
Editor: Columbia University Press
Pages: 329
ISBN: 9780231549653
Language: en
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DESCRIPTION BOOK:

Roger Murray (1911–1998) was a crucial figure in the history of value investing. A financial professional, economist, advisor to members of Congress, and educator, Murray was the successor to the legendary Benjamin Graham as professor of the securities analysis course at Columbia Business School. There, he mentored generations of students, including Mario Gabelli, Charles Royce, Leon Cooperman, Art Samberg, and Robert Bruce. This book offers a compelling account of Murray’s multifaceted career alongside a series of remarkable lectures he gave late in his life that encapsulated his philosophy of investing. The investing professionals and educators Paul Johnson and Paul D. Sonkin chronicle Murray’s life and accomplishments, capturing his professional triumphs, theoretical insights, and lasting legacy. They highlight Murray’s educational philosophy and mentorship, including personal recollections from his students about his teaching and influence. The Enduring Value of Roger Murray features the transcripts of four lectures Murray gave in 1993, hosted by Gabelli, which became legendary in the investing community. These lectures inspired Bruce Greenwald to ask Murray to co-teach a security analysis course, leading to the resurrection of value investing education at Columbia Business School, which had waned after Murray’s retirement in 1977. Annotated by Johnson and Sonkin, these lectures are now available to a wide audience for the first time. They will be illuminating and instructive for value investing students and practitioners today.

When Breath Becomes Air

When Breath Becomes Air
Author: Paul Kalanithi
Release: 2016-01-12
Editor: Random House
Pages: 256
ISBN: 9780812988406
Language: en
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DESCRIPTION BOOK:

#1 NEW YORK TIMES BESTSELLER • PULITZER PRIZE FINALIST • This inspiring, exquisitely observed memoir finds hope and beauty in the face of insurmountable odds as an idealistic young neurosurgeon attempts to answer the question What makes a life worth living? NAMED ONE OF PASTE’S BEST MEMOIRS OF THE DECADE • NAMED ONE OF THE BEST BOOKS OF THE YEAR BY The New York Times Book Review • People • NPR • The Washington Post • Slate • Harper’s Bazaar • Time Out New York • Publishers Weekly • BookPage Finalist for the PEN Center USA Literary Award in Creative Nonfiction and the Books for a Better Life Award in Inspirational Memoir At the age of thirty-six, on the verge of completing a decade’s worth of training as a neurosurgeon, Paul Kalanithi was diagnosed with stage IV lung cancer. One day he was a doctor treating the dying, and the next he was a patient struggling to live. And just like that, the future he and his wife had imagined evaporated. When Breath Becomes Air chronicles Kalanithi’s transformation from a naïve medical student “possessed,” as he wrote, “by the question of what, given that all organisms die, makes a virtuous and meaningful life” into a neurosurgeon at Stanford working in the brain, the most critical place for human identity, and finally into a patient and new father confronting his own mortality. What makes life worth living in the face of death? What do you do when the future, no longer a ladder toward your goals in life, flattens out into a perpetual present? What does it mean to have a child, to nurture a new life as another fades away? These are some of the questions Kalanithi wrestles with in this profoundly moving, exquisitely observed memoir. Paul Kalanithi died in March 2015, while working on this book, yet his words live on as a guide and a gift to us all. “I began to realize that coming face to face with my own mortality, in a sense, had changed nothing and everything,” he wrote. “Seven words from Samuel Beckett began to repeat in my head: ‘I can’t go on. I’ll go on.’” When Breath Becomes Air is an unforgettable, life-affirming reflection on the challenge of facing death and on the relationship between doctor and patient, from a brilliant writer who became both.

The Flaw of Averages

The Flaw of Averages
Author: Sam L. Savage
Release: 2012-03-26
Editor: John Wiley & Sons
Pages: 416
ISBN: 9781118073759
Language: en
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DESCRIPTION BOOK:

Reveals how and why personal finance and business plans based on mathematical assumptions are often wrong and how probability management can help remedy problems with communicating uncertainty and risk.